Positive Outlook for Multitude SE Amid Strong Q2 Performance

Multitude SE is expected to report strong Q2 figures next week, showcasing sequential and annual growth. Sales are anticipated to reach €67.2 million, driven primarily by a robust net loan book expansion to €680 million. Ferratum leads with €56.6 million, followed by CapitalBox and Wholesale banking contributing €8.1 million and €2.5 million respectively.

The forecasted EBIT stands at €14.2 million, attributed to increased sales and reduced operating expenses. Interest expenses, however, are expected to rise to €9.4 million, influenced by loan book growth and higher average interest costs. Despite these factors, EBT is projected at €4.8 million, indicating room for improvement.

Overall, Multitude SE is poised for further growth, with ongoing cost control being key to achieving the FY24 EBIT target of €67.5 million. The stock is deemed attractively priced at 4x PE’25, reaffirming a BUY recommendation with a target price of €12.